4:20pm: The release is official, the team announced via press release.

4:01pm: The Nets are releasing Cory Jefferson, a source tells Tim Bontemps of the New York Post (Twitter link). The team hasn’t made any announcement, but Bontemps indicates that the move has already taken place. An earlier report showed that Brooklyn had until Wednesday to release him without his non-guaranteed salary becoming partially guaranteed for $150K, but Bontemps says that the effective deadline is today, since his contract has to clear waivers no later than Wednesday if the Nets want to avoid the guaranteed money (on Twitter).

Jefferson, the last pick of the 2014 draft, made it into 50 games this past season, even making a start as he averaged 3.7 points in 10.6 minutes per game. Still, the 24-year-old power forward didn’t appear in any of Brooklyn’s playoff games, and the Nets are well-stocked at his position, with Thaddeus YoungAndrea Bargnani, Thomas Robinson and Willie Reed.

The Nets paid cash to the Sixers for Jefferson’s rights on a draft-night trade. That followed Philadelphia’s acquisition of Jefferson from the Spurs, who originally drafted him.